FRANCE - Texas Pacific Group and AXA Private Equity buy 60% stake in TDF

The pair reportedly beat four rival bids including syndicates led by Eurazeo and Macquarie, and a PAI/Goldman Sachs partnership.

Charterhouse, which had backed the company's first buyout in 2002 will re-invest in the newco and retain a 14% stake, while CDC will reduce its stake to 24%.

TDF generated a 2005 turnover of EUR 954m, representing a 4% increase on the previous year. The group is present in France, Spain, Finland, Poland and Estonia, via its 11 subsidiaries.

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